HDB Valuation

[plutozzZZ]

Yea man this is our thoughts too exactly. But if it's 50k COV then nah, we shall pass

We already continuing on with our hunt and hopefully, just hopefully, we can find another unit that we both really like. Cause 1 more month of hunting means 1 more month of rental for us. And like we always tell others, faster we get our own house the better it is cause the monthly mortgage installment is so many times cheaper than our monthly rental now

Hihi I understand u are looking for hdb resale. I am selling my soon mop unit in the west. My high floor unit is well maintained and reno that fits ur budget.
If u interested we can communicated further.

 

[plutozzZZ]

Hihi I understand u are looking for hdb resale. I am selling my soon mop unit in the west. My high floor unit is well maintained and reno that fits ur budget.
If u interested we can communicated further.

Hi kelvin, let me know your requirement.

 

[KusitoriBuro]

agent got actual evaluation to access?

yes they do. but since it's only accessible by agents, it's most probably confidential. see if your agent can show you.

anyway, if we look at it. this whole valuation thing is so shady. the decision making process is not transparent at all, valuer has the absolute power in valuing, and you can't even contest it.. singapore's consumer rights is almost non-existent

 

[sgpropertyblog]

F***ING bs, someone offered higher than us and what pissed me off is that that guy offer 3 month extension as per of the deal

The agent made it very clear in the beginning that the owner doesn't need any extension so this guy throwing this condition in sounds like a piece of bull to me

Unless of course, his case is that his PR is not yet 3 years and he is buying time

The PR haven't reach 3yrs is not applicable here, cos if haven't reach 3yrs, they oso canot be issued with the OTP oso..

I assume you never engaged any agent to represent you ?

 

[kelvin.wolfbane]

The PR haven't reach 3yrs is not applicable here, cos if haven't reach 3yrs, they oso canot be issued with the OTP oso..

I assume you never engaged any agent to represent you ?

Yea im trying to DIY the process myself here. For buying resale im guessing its doable without agent but for selling next time i probably gonna need an agent.

Anyway thanks for your insight, the 3 year PR thing is just something that came up in our mind, but oh well, im already moving on to other units

 

[PropExpert]

yes they do. but since it's only accessible by agents, it's most probably confidential. see if your agent can show you.

anyway, if we look at it. this whole valuation thing is so shady. the decision making process is not transparent at all, valuer has the absolute power in valuing, and you can't even contest it.. singapore's consumer rights is almost non-existent

I believe the so call evaluation tools are those SRX etc. It's not confidential and agents probably paid for these accesses. These websites or tools use probably the same method or algorithm to derive at an estimated value, so it's just for reference only.

Why do u say u can't contest the valuation? I personally have seen a case where after appealing, the valuer agreed to increase the valuation by $10k to match the purchase price. I still have the emails exchanges and official letter from the valuation firm indicating the adjustment. But of cos, pls do not appeal becos u do not want to come out with COV. There should be strong justifications when u appeal.

 

[sgpropertyblog]

Yea im trying to DIY the process myself here. For buying resale im guessing its doable without agent but for selling next time i probably gonna need an agent.

Anyway thanks for your insight, the 3 year PR thing is just something that came up in our mind, but oh well, im already moving on to other units

good luck in your property hunt..

 

[sgpropertyblog]

yes they do. but since it's only accessible by agents, it's most probably confidential. see if your agent can show you.

anyway, if we look at it. this whole valuation thing is so shady. the decision making process is not transparent at all, valuer has the absolute power in valuing, and you can't even contest it.. singapore's consumer rights is almost non-existent

you actually can get another valuation done if you are unhappy with the current one.. just pay another $120 only.. but, no guarantee that the new valuation will be higher than current one oso..

 

[light84]

I believe the so call evaluation tools are those SRX etc. It's not confidential and agents probably paid for these accesses. These websites or tools use probably the same method or algorithm to derive at an estimated value, so it's just for reference only.

Why do u say u can't contest the valuation? I personally have seen a case where after appealing, the valuer agreed to increase the valuation by $10k to match the purchase price. I still have the emails exchanges and official letter from the valuation firm indicating the adjustment. But of cos, pls do not appeal becos u do not want to come out with COV. There should be strong justifications when u appeal.

The valuation can be contested in special circumstances. I made a lot of noise to HDB and they sent another valuer down cos the first valuer wasn’t ethical.

 

[shadow84]

The valuation can be contested in special circumstances. I made a lot of noise to HDB and they sent another valuer down cos the first valuer wasn’t ethical.

Define unethical? Is buyer's presence required during valuation?

 

[KusitoriBuro]

I believe the so call evaluation tools are those SRX etc. It's not confidential and agents probably paid for these accesses. These websites or tools use probably the same method or algorithm to derive at an estimated value, so it's just for reference only.

Why do u say u can't contest the valuation? I personally have seen a case where after appealing, the valuer agreed to increase the valuation by $10k to match the purchase price. I still have the emails exchanges and official letter from the valuation firm indicating the adjustment. But of cos, pls do not appeal becos u do not want to come out with COV. There should be strong justifications when u appeal.

oh good to know. sorry for my misinformation. iirc, i read on hdb portal stated it's incontestable. basically it says if youre not happy with the valuation you can get another valuation done after otp expired. maybe the article is bluff children one.

 

[light84]

Define unethical? Is buyer's presence required during valuation?

The first valuer accidentally divulged some information to the buyer agent and seller agent which wasn't supposed to be known to valuers since valuation are supposed to be independent. Knowledge of such information would result in inherent bias in the valuation.

Needless to say, i wrote to HDB to make a lot of noise and they sent another valuer and i got a higher valuation.

So valuations can be contested in special circumstances. Of course, HDB will generally say it is not contestable, otherwise everyone would be writing to HDB to contest the valuation.

 

[harky]

they know buyer agent and seller agent?

 

[sgpropertyblog]

oh good to know. sorry for my misinformation. iirc, i read on hdb portal stated it's incontestable. basically it says if youre not happy with the valuation you can get another valuation done after otp expired. maybe the article is bluff children one.

no need to wait for the OTP to expire, cos once after the OTP expires, the buyer need to pay another deposit and get a fresh OTP in order to be able to submit for the valuation request..

 

[avengerzsy]

Well for our situation we can't make the extension as part of our deal simply because we are still renting together. Extend 1 month means 1 more month of rental of us, damn bo hua

In a way yes and no. Cause its like at least we know where we stand and at least we have a control over our situation. Like know straight from the start if we can push more or just drop out if it's way beyond our budget.

Hey kelvin. In the same situation as you. May I know if the one valuation lower by 50k is the house u really like it another one? Where is the house that u really like?

 

[kelvin.wolfbane]

Hey kelvin. In the same situation as you. May I know if the one valuation lower by 50k is the house u really like it another one? Where is the house that u really like?

Oh.No, the 50k COV one is not the one we really like, its one of the first few that we saw few months back

The one we really like was in lakeside, a 4 room one. Why?

 

[edrickmark]

What about if the agree price is $300K and the valuation come out $280K ?

 

[harky]

my valuation out on 3rd day and it the same i offered!

me and seller agent base on the past transacted price to nego de (seller agent use the evaluation tools on SRX)


past latest transacted price on level 4-6 is $275K
the level i see is 9, so she suggest me $276K and she will talk to seller to lower down. Give and take.

 

[kelvin.wolfbane]

What about if the agree price is $300K and the valuation come out $280K ?

Then you have to pay $20k COV in cash

 

[myrick]

How accurate is the valuation from SRX & Urban Zoom?